Our goal is to offer you old-fashioned personal service in handling your banking requirements. We offer highly competitive interest rates/annual percentage yields, making a Certificate of Deposit and an Individual Retirement Account from The Bank of Union a wise investment choice.
|Account Type||Minimum Opening Deposit||Maintenance Charge*||Interest|
|Certificates of Deposit||$1,000.00||None||Varies with term|
Certificates of Deposit
CDs from The Bank of Union offer safety, liquidity and income. You can open a CD with as little as $1,000. Our certificates are renewed automatically unless you notify us otherwise. Flexible terms range from 3 months to 5 years. CD rates vary, and a substantial penalty for early withdrawal may apply. Interest can be paid to another account, by check or added to the CD balance.
|Individual Retirement Accounts||$10.00||No Monthly or Annual Fees. $25 Fee to Close||Varies with term|
Individual Retirement Accounts
Individual Retirement Accounts can provide tax advantages for you. Contributions may be tax deductible and growth of the portfolio is tax deferred. You can open an IRA with as little as $10 and your IRA will renew automatically unless you notify us otherwise. Flexible terms range from 3 months to 5 years. IRA rates vary, and a substantial penalty for early withdrawal may apply. Interest can be paid to another account, by check or added to the IRA balance.
|Roth Individual Retirement Accounts||$10.00||No Monthly or Annual Fees. $25 Fee to Close||Varies with term|
Roth Individual Retirement Accounts
Roth IRAs provide tax-free earnings and no mandatory withdrawal requirements. You can open a Roth IRA with as little as $10 and are renewed automatically unless you notify us otherwise. Flexible terms range from 3 months to 5 years. Interest rates vary with term, and a substantial penalty for early withdrawal may apply. Eligibility is based upon taxable adjusted gross income; please check with your tax advisor.
|Simplified Employee Pension Plan||$10.00||No Monthly or Annual Fees. $25 Fee to Close||Varies with term|
Simplified Employee Pension Plan
A Simplified Employee Pension Plan (SEP) is a great way for an employer to offer their employees the benefits of a pension plan. Any employer, whether a corporation, partnership, or sole proprietorship, can offer this employee benefit to the extent of their financial capabilities. Contributions to a SEP are made by the employer to each qualified employee’s SEP IRA, with the employee maintaining control over the IRA from the first deposit. Each employee IRA is subject to the same regulations as a regular IRA.
|Health Savings Accounts||$10.00||None||Varies with term|
Health Savings Accounts
A health savings account (HSA) is a tax-sheltered savings account similar to the IRA, but used to pay for your routine health care expenses. The funds are owned and controlled by you, the account holder. An HSA is portable; the funds remain with you regardless of employment. Larger medical expenses are covered by a low-cost, high deductible health insurance policy. What is not used from the account each year stays in the account and continues to grow interest on a tax-favored basis to supplement retirement, just like an IRA—think of it as a medical IRA.
* Maintenance charge is charged per statement cycle.
Please contact us or visit one of our convenient locations for current interest rates. Interest rates on CDs and IRA’s are fixed and are paid for the term of the deposit until maturity. A substantial penalty may be imposed for early withdrawal.
Click here for a calculator to assist you with a Certificate of Deposit or Individual Retirement Account.